Singapore and Thailand to Enable Cross Border Payments Using Only Mobile Numbers in 2021
During the Singapore Fintech Festival 2020, Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS) announced that the regulator has made significant headway in the linkage between Singapore’s and Thailand’s national payment systems; PayNow and PromptPay respectively.
Monetary Authority of Singapore and Bank of Thailand embarked on this journey three years ago, and it is anticipated that by mid-2021 anyone registered with PayNow or PromptPay will be able to send money from Singapore to Thailand or vice versa, using just their mobile numbers. Ravi added that this will be secure, instant and at competitive rates at any time of the day.
